Crown Group plots dual listing for 2018 float

Sydney-based developer Crown Group has been in talks with investment banks to float the business in 2018, with the aim of a dual listing in Australia and Asia.

“The plan is August 2018 is the anticipated listing of the company,” Crown’s chief executive Iwan Sunito says, after the company announced the start of construction on its Infinity apartment project in Sydney’s Green Square.

“Potentially it will be Sydney, and either Singapore or Hong Kong. We are just looking at the two markets at the moment.”

Crown is currently talking to several investment banks for the listing plan, with Sunito only suggesting “big names” rather than disclosing the specifics.

We are now exploring joint ventures with some of the state-owned enterprises in China, some of the big names from the US market, and also Singapore

“I have said yes to one, but I am looking for another one,” Sunito says.

“The one (already endorsed), because I know the person quite well. And they have to go through the second process of selection.”

Earlier in 2015, Crown appointed former JPMorgan head of real estate investment banking Anthony Ryan to run its new global capital division. The business arm is set up to tap investment funds for the group.

The company, with a $4.8 billion pipeline of projects including five Sydney unit developments under construction, is also exploring joint venture opportunities with international giants, which will take cornerstone investment in the float.

An artist’s impression of Crown’s Infinity project.

“Now because we want to list the company, we are now exploring joint ventures with some of the state-owned enterprises in China, some of the big names from the US market, and also Singapore,” Sunito says.

“So these people will get to know Crown and will take the cornerstone investment within Crown.”

This article originally appeared on www.theaustralian.com.au/property.